无线连接芯片技术领航者，AIoT全场景物联网应用打开成长空间

2024A2025E2026E2027E844.031,150.141,480.951,877.5832.6936.2728.7626.7897.41195.24298.06427.6195.71100.4352.6643.460.400.811.241.7888.9744.3929.0820.27 东吴证券研究所1/352025年06月10日证券分析师陈海进执业证书：S0600525020001chenhj@dwzq.com.cn研究助理李雅文执业证书：S0600125020002liyw@dwzq.com.cn36.00一年最低/最高价15.12/47.603.62流通A股市值(百万元)5,977.34总市值(百万元)8,666.77每股净资产(元,LF)9.96资产负债率(%,LF)4.71总股本(百万股)240.74流通A股(百万股)166.042024/10/102025/2/82025/6/9泰凌微沪深300 股价走势市场数据收盘价(元)市净率(倍)基础数据相关研究2024/6/11 -17%-1%15%31%47%63%79%95%111%127% 内容目录1.公司介绍..............................................................................................................................................51.1.股权结构：呈现多元化特征，管理层研发与产业背景深厚.................................................71.2.财务分析.....................................................................................................................................82.技术驱动：为数不多的产品种类全覆盖的无线物联网芯片龙头................................................102.1.低功耗蓝牙：技术优势明显，助力物联网设备智联...........................................................112.2. 2.4G私有协议类：定制化无线连接解决方案.......................................................................132.3.多模类：解决不同无线传输协议兼容问题的关键技术.......................................................142.4. ZigBee协议类：提高数据传输可靠性，灵活确定安全属性...............................................153.产品下游应用广阔，积极探索全新领域........................................................................................163.1.智慧零售：兼具超长续航与抗干扰优势，赋能零售数字化升级.......................................163.2.无线键鼠：从低延迟响应到超长续航，无线键鼠征服电竞...............................................193.3.智能家居：智能家居市场稳健发展，有望支撑业务增长...................................................213.4.音频：超低延时以及多模无限音频技术，开拓业务增量空间...........................................243.5.汽车数字钥匙：多节点高精度定位，积极开拓汽车市场...................................................263.6.医疗健康：蓝牙技术赋能手机用户健康数据，探索智慧医疗新未来...............................284.盈利预测和投资建议........................................................................................................................314.1.盈利预测...................................................................................................................................314.2.投资建议...................................................................................................................................315.风险提示............................................................................................................................................33 请务必阅读正文之后的免责声明部分东吴证券研究所2/35 图表目录图1：公司产品结构...............................................................................................................................5图2：公司各类主要产品及其衍生特性的演变过程...........................................................................6图3：公司主要产品型号（截至2024/12/31）...................................................................................6图4：公司股权结构（截至2025/3/31）.............................................................................................7图5：公司营业收入及增速...................................................................................................................8图6：公司归母净利润及归母净利率...................................................................................................8图7：公司产品毛利率情况...................................................................................................................9图8：公司产品营收结构情况...............................................................................................................9图9：可比公司研发费用率情况...........................................................................................................9图10：公司其他费用率情况.................................................................................................................9图11：公司存货（左轴，百万元）及周转天数（右轴，天）.......................................................10图12：公司核心技术体系...................................................................................................................10图13：物联网无线连接技术对比.......................................................................................................12图14：蓝牙设备年总出货量（亿）...................................................................................................12图15：蓝牙技术标准发展进程...........................................................................................................13图16：2.4GHz私有协议与其他短距离无线通信协议参数对比....................................................14图17：多模无线连接芯片在智能家居中的应用...............................................................................15图18：Zigbee芯片出货量（百万颗）..............................................................................................16图19：蓝牙电子货架标签优势...........................................................................................................17图20：2022-2029年中国电子价签应用领域分布............................................................................17图21：全球电子价签年出货量（百万台）.......................................................................................17图22：公司电子货架标签解决方案...................................................................................................18图23：公司电子价